The number one topic for discussion among real estate entrepreneurs today is the short sale. It’s a great technique for turning a bad deal into a good one, and a good one into an even better one

A short sale is nothing more than getting a lender to discount the balance due them. Anytime you are faced with the opportunity to pay off an amount owed on a loan, first ask the lender if they would discount to be paid off now with a lump sum of money, VS continuing to receive a small monthly payment over a period of time, or facing a foreclosure, or a bankruptcy.

The biggest short sale I’ve done was with a lender that had both a 2^nd and 3^rd mortgage on a home. The 2^nd was for $77,000 and the 3^rd was for $18,000. They agreed to accept $2,500 for both liens. Why would they do that you wonder? Because, they did not want to come up with the money to pay the 1^st off, to protect their interest in the foreclosure. They were going to be wiped out anyway, so the $2,500 was found money for them, and a great deal for me.

Just about any house that’s in foreclosure or about to be, is a good candidate for a short sale. It doesn’t much matter what the loan balance is, or how far it’s in arrears. Right now since short sales are so hot, lenders are bending over backwards to get paid off now and avoid further time and cost with a bad loan down the road.

Foreclosures are at an all time high and it’s an incredible opportunity for you, if you know how to short sale. Most investors don’t, and blow a good deal because they left out one piece of information, or said the wrong thing. It’s easy to make a mistake and get the wrong answer from the lender.

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